Lately, every time I pick up the newspaper, listen to the radio or watch television, I get some more disheartening news from the business world. I read with sadness about the demise of Montgomery Ward, which was once one of our country's greatest department store chains. It pained me to learn that JCPenney is in trouble and many of the company's top executives are resigning. And I felt just terrible when I heard that Sears is closing 89 locations.
But the litany of bad news doesn't stop there. In our own industry, Armstrong files for Chapter 11 bankruptcy protection due to the company's asbestos liabilities. After a short time in retail, Shaw sells or closes its retail stores and moves in a different direction. Beaulieu acquires LDBrinkman and consolidates some of the operation. Mohawk takes on distribution of Congoleum.